Continues to Target a Full In-Service for 2019; Reiterates $4.6
Billion Cost Estimate
Mountain Valley Pipeline, LLC, (Mountain Valley) today announced
a 2018 year-end project update, supporting its targeted fourth
quarter 2019 full in-service date and reaffirming a total Mountain
Valley Pipeline (MVP) project cost estimate of $4.6 billion.
Mountain Valley expects to have approximately 70% of the MVP
project complete by year-end, which includes the welding of nearly
58% of the pipeline and the ongoing construction work of all
compressor stations and interconnects that are expected to be
complete by February. Most recently, MVP construction crews have
been focused on stabilizing the right-of-way for the winter
season.
“Construction of MVP began in February 2018 and, despite various
setbacks and unprecedented weather conditions, we have made
substantial progress this year," said Diana Charletta, Chief
Operating Officer, Equitrans Midstream Corporation. "We appreciate
the expertise and oversight of the West Virginia Department of
Environmental Protection and Virginia Department of Environmental
Quality, as well as other state and federal agencies that have
helped guide our construction activities. The MVP project team
takes its environmental stewardship responsibilities very seriously
and we will continue to comply with the laws and regulations
related to the safe and responsible construction of our MVP
project.”
Since the onset of the project more than four years ago, MVP has
retained five key stakeholder priorities: design a route with the
least overall impact to landowners and communities; minimize
impacts to sensitive species and preserve cultural, historical, and
environmental resources, including streams and wetlands; construct
the pipeline in the safest manner possible; maintain high levels of
environmental protection at all times; and ensure the safety of
MVP’s landowners, communities, inspectors, employees, and
contractors.
Activities related to MVP’s construction have brought an
economic boost to local businesses, restaurants, and hotels –
generating additional revenue and creating jobs. Additionally, and
in support of communities along the route, MVP established a local
giving program in mid-2017. MVP’s community support program
provides sponsorships and donations to charitable organizations and
community events that focus on STEAM education (science,
technology, engineering, arts, and mathematics); environmental
stewardship; civic and community; or arts and culture. During the
past 18 months, MVP has donated nearly $400,000 to local
organizations and community associations along the 303-mile
route.
The MVP project team is committed to the safety of its
communities, to the preservation and protection of the environment,
and to the continued responsible construction of this important
natural gas infrastructure project that will serve homes and
business in the mid-Atlantic and southeast United States.
About Mountain Valley PipelineThe Mountain Valley
Pipeline (MVP) is a proposed underground, interstate natural gas
pipeline system that spans approximately 303 miles from
northwestern West Virginia to southern Virginia. Subject to
approval and regulatory oversight by the Federal Energy Regulatory
Commission, the MVP will be constructed and owned by Mountain
Valley Pipeline, LLC – a joint venture of EQM Midstream Partners,
LP; NextEra US Gas Assets, LLC; Con Edison Transmission, Inc.;
WGL Midstream, Inc.; and RGC Midstream, LLC. The MVP was designed
to transport clean-burning natural gas from the prolific Marcellus
and Utica shale regions to the growing demand markets in the
Mid-Atlantic and Southeast areas of the United States. Targeting a
full in-service during the fourth quarter 2019, EQM Midstream
Partners, LP (NYSE:EQM), primary interest owner, will operate the
pipeline. From planning and development, to construction and
in-service operation – MVP is dedicated to the safety of its
communities, employees, and contractors; and to the preservation
and protection of the environment.
Visit www.mountainvalleypipeline.info
Cautionary StatementsDisclosures in this news release
contain certain forward-looking statements that do not relate
strictly to historical or current facts and are forward-looking.
Without limiting the generality of the foregoing, forward-looking
statements contained in this news release specifically include the
expectations of plans, strategies, objectives and growth, and
anticipated financial and operational performance of Mountain
Valley Pipeline, LLC, including guidance regarding the proposed
Mountain Valley Pipeline (MVP); the expected cost and targeted
in-service date of the MVP; the progress on construction of the
MVP’s facilities and pipelines; the expected impact of litigation
and regulatory proceedings on the project; and MVP’s efforts
related to safety and environmental protection. The forward-looking
statements included in this news release are subject to risks and
uncertainties that could cause actual results to differ materially
from projected results. Accordingly, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. Mountain Valley Pipeline, LLC has based these
forward-looking statements on current expectations and assumptions
about future events. While Mountain Valley Pipeline, LLC considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory, and other risks and uncertainties, most of which are
difficult to predict and are beyond its control. The risks and
uncertainties that may affect the operations, performance, and
results of Mountain Valley Pipeline, LLC and forward-looking
statements include, but are not limited to:
The business, financial condition, results of operations and
prospects could suffer if Mountain Valley Pipeline, LLC does not
proceed with projects under development or is unable to complete
the construction of, or capital improvements to, its facilities and
pipelines on schedule or within budget.
The ability to complete construction of, and capital
improvements to, facilities on schedule and within budget may be
adversely affected by escalating costs for materials and labor and
regulatory compliance, inability to obtain or renew necessary
licenses, rights-of-way, permits or other approvals on acceptable
terms or on schedule, disputes involving contractors, labor
organizations, land owners, governmental entities, environmental
groups, Native American and aboriginal groups, and other third
parties, negative publicity, transmission interconnection issues,
adverse weather conditions and other factors. If any development
project or construction or capital improvement project is not
completed, is delayed or is subject to cost overruns, certain
associated costs may not be approved for recovery or recoverable
through regulatory mechanisms that may otherwise be available, and
Mountain Valley Pipeline, LLC could become obligated to make delay
or termination payments or become obligated for other damages under
contracts, could experience the loss of tax credits or tax
incentives, or delayed or diminished returns, and could be required
to write-off all or a portion of its investment in the project. Any
of these events could have a material adverse effect on Mountain
Valley Pipeline, LLC’s business, financial condition, results of
operations and prospects. Mountain Valley Pipeline, LLC may face
risks related to project siting, financing, construction,
permitting, governmental approvals and the negotiation of project
development agreements that may impede its development and
operating activities.
Mountain Valley Pipeline, LLC must periodically apply for
licenses and permits from various local, state, federal and other
regulatory authorities and abide by their respective conditions.
Should Mountain Valley Pipeline, LLC be unsuccessful in obtaining
necessary licenses or permits on acceptable terms, should there be
a delay in obtaining or renewing necessary licenses or permits or
should regulatory authorities initiate any associated
investigations or enforcement actions or impose related penalties
or disallowances on Mountain Valley Pipeline, LLC, Mountain Valley
Pipeline, LLC’s business, financial condition, results of
operations and prospects could be materially adversely affected.
Any failure to negotiate successful project development agreements
for new facilities with third parties could have similar
results.
Mountain Valley Pipeline, LLC’s gas infrastructure facilities
and other facilities are subject to many operational risks.
Operational risks could result in, among other things, lost
revenues due to prolonged outages, increased expenses due to
monetary penalties or fines for compliance failures, liability to
third parties for property and personal injury damage, a failure to
perform under applicable sales agreements and associated loss of
revenues from terminated agreements or liability for liquidated
damages under continuing agreements. The consequences of these
risks could have a material adverse effect on Mountain Valley
Pipeline, LLC’s business, financial condition, results of
operations and prospects.
Uncertainties and risks inherent in operating and maintaining
Mountain Valley Pipeline, LLC's facilities include, but are not
limited to, risks associated with facility start-up operations,
such as whether the facilities will achieve projected operating
performance on schedule and otherwise as planned.
Mountain Valley Pipeline, LLC’s business, financial condition,
results of operations and prospects can be materially adversely
affected by weather conditions, including, but not limited to, the
impact of severe weather.
Threats of terrorism and catastrophic events that could result
from terrorism, cyber-attacks, or individuals and/or groups
attempting to disrupt Mountain Valley Pipeline, LLC’s business, or
the businesses of third parties, may materially adversely affect
Mountain Valley Pipeline, LLC’s business, financial condition,
results of operations and prospects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181213005140/en/
Mountain Valley Pipeline media inquiries:Natalie
Coxncox@equitransmidstream.com
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